Families in business seem to worry most about sharing their values, responsibilities, family stories, and know-how being passed on to the next generations. Most technically oriented advisors focus on transferring of wealth in a tax efficient matter which is important, but not much of that matters if other issues get in the way. Sometimes if […]
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A lot of the time, business and succession is focussed on profits, top line, bottom line and other financial metrics. One thing that we have to do is to understand the importance of the multiple human interactions that arise each day. This is our chance to connect, affect-touch other people and most importantly, have a […]
Read MoreWe have all heard the horror stories of seniors losing everything because they have relied on, and have been duped by, people who are in trusted positions. This week’s perspective looks at the warning signs that something may not be “right”. Background: The amount of wealth that is soon to be passed from one generation […]
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From my experience, a succession plan, to succeed, required a cheerleader or cheerleaders. The more people working together towards a common goal will reach that goal more quickly than one individual. This can be a challenge for most leaders to share their vision and what to them, succession looks like. Many an entrepreneur may have […]
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Previously, I wrote about identifying your successor as an integral part of the succession plan. One family with whom I work had a very forward thinking parent. They groomed their two children to run the business. Before they joined the family business, however, each was encouraged and did pursue the development of their own capabilities […]
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